Re: November and December Closers

Just got a CLEAR TO CLOSE!!!! Set to close tomorrow @ 1pm. I can't say the journey has been as smooth as I would have liked, but its seems now the end is near. Been reading everything on this site to help appease some of my anxiety for a couple of weeks.

Re: November and December Closers

We are closing on November 9th. We already received final commitment from our lender. We are in NJ, and due to hurricane sandy there were a number of properties damaged.

How do we know if the house, which will be ours in a week, has not been impacted by the hurricane? Is the lender or the seller obligated to verify that the house is in the same shape as before the storm? From the outside, I see that there is a tree split right in the middle very close to the entrace, but doesn't look like fallen on the house yet.

Re: November and December Closers

hopefulKT wrote:

I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.

I haven't heard of re-appraisals being done, but I guess that makes sense if the property has sustained damage. I was supposed to close on my condo yesterday, but Tuesday night my LO called me and told me Ginnie Mae is ordering properties in my area (including mine) to be re-inspected prior to closing. My re-inspection was completed today, which was a very quick turn around. I'm hoping to get a(nother) clear to close Monday, and actually close on Tuesday.

Re: November and December Closers

7ate9 wrote:

hopefulKT wrote:

I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.

I haven't heard of re-appraisals being done, but I guess that makes sense if the property has sustained damage. I was supposed to close on my condo yesterday, but Tuesday night my LO called me and told me Ginnie Mae is ordering properties in my area (including mine) to be re-inspected prior to closing. My re-inspection was completed today, which was a very quick turn around. I'm hoping to get a(nother) clear to close Monday, and actually close on Tuesday.

Good luck to everyone else in this process!!!

Thank you for the info. Who pays for the re-appraisals due to the storm - the borrower or the lender? Not sure why the lender would pay, but as a borrower I don't want to pay either. Isn't the seller supposed to certify that the house is in the same condition as it was before the storm?

We are closing on Nov 9th, and are concerned if anything major comes up in the walk-through before closing..

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.